Chain-Type Quantity Index for Real GDP: Farms (111-112) in Virginia
VAFARMQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
83.43
Year-over-Year Change
0.55%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Farms (111-112) in Virginia measures the volume of economic output from the farming sector in the state, providing insight into the overall health and productivity of this key industry.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This index tracks changes in the real, inflation-adjusted value of goods and services produced by Virginia's farm sector, which includes crop and animal production. It serves as an important indicator of the agricultural economy's performance and can inform policy decisions related to the farming industry.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology to account for changes in the composition of farm output over time.
Historical Context
Policymakers and economists use this index to assess the agricultural sector's contribution to Virginia's overall economic growth and development.
Key Facts
- Virginia is a major agricultural state, contributing over $70 billion annually to the economy.
- The farming sector accounts for more than 334,000 jobs in the state.
- Crop production, including corn, soybeans, and tobacco, is a key driver of Virginia's farm output.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Farms (111-112) in Virginia measures the volume of economic output from the state's farming sector, including crop and animal production.
Q: Why is this trend relevant for users or analysts?
A: This index provides valuable insight into the performance and productivity of Virginia's agricultural economy, which is a crucial driver of the state's overall economic growth and development.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology to account for changes in the composition of farm output over time.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this index to assess the agricultural sector's contribution to Virginia's overall economic growth and inform policy decisions related to the farming industry.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, with potential delays of several months between the reference period and the publication of the latest figures.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Farms (111-112) in Virginia (VAFARMQGSP), retrieved from FRED.